Acquisition of Wkit Finalized.Business Editors STOCKHOLM--(BUSINESS WIRE)--April 17, 2000 Effnet Group AB has on 13 April, 2000 signed a definitive agreement on the acquisition of Wkit Online AB. The final purchase price is 330,000 new shares in Effnet. On 14 March, 2000, Effnet Group AB announced that the Company had signed a letter of intent concerning acquisition of the data security company Wkit Online AB. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the letter of intent, the price of acquisition was to be 340,000 new shares in Effnet. Effnet Group AB has on 13 April, 2000, signed a definitive agreement on the acquisition of all shares issued by Wkit Online AB. On completion of a due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. review, the price to be paid has been set at 330,000 shares in Effnet. Wkit's business is based on data security-related services and products. The company has cutting-edge expertise and is at the forefront of developments in the areas in which it operates. Programs and services offered by the company are under constant development to provide optimal solutions to customer needs for IT security. Wkit has 17 employees in two divisions, one for service and one for programs. The company works with strategic partners in bringing programs and services to the market. In the financial period 1998/1999 (17 months), Wkit had total sales of MSEK MSEK Meyer, Suozzi, English & Klein (New York law firm) MSEK Million Swedish Kroner 1.7, with a deficit of MSEK -2.1 after net financial items. In the period to the close of the 2000/2001 financial year, Wkit anticipates total sales of MSEK 30. The forecast for total sales has been guaranteed in the acquisition agreement by Wkit's principal shareholders. "The acquisition of Wkit strengthens Effnet's expertise in the fast- growing data security sector and enables Effnet to be at the centre of technological developments in security aspects of data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. ", says Tomas Althen, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Effnet Group AB. By acquiring Wkit, Effnet also gains access to an international network among potential customers. This, it is considered, will facilitate more rapid commercialising of Effnet's technology. Effnet's mission is to develop, market, sell and distribute network products and network technologies for solving Internet communications bottlenecks, and to thereby create maximum customer benefit. Effnet commercializes its technology in three ways: products under its own trademark, through OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and agreements and by licensing the technology to other players in the network industry. In 1999, Effnet grew from being a pure development company into a commercial player in the network market. The company is now in a phase in which the focus is on marketing and sales. Effnet's long-term goal is to become one of the world's leading players in solving current and future Internet communications bottlenecks. Effnet currently has four locations: Stockholm, Lulea, Boston and Mountain View, California For the census-designated place, see Mountain View, Contra Costa County, California. For other places called "Mountain View", see . Mountain View is a city in Santa Clara County, in the U.S. state of California. The city gets its name from the views of the Santa Cruz Mountains. . Effnet Group AB is listed on Stockholm Stock Exchange The Stockholm Stock Exchange (Swedish: Stockholmsbörsen) is a stock exchange located in Stockholm, Sweden. Founded in 1863 [1] it is the primary securities exchange of the Nordic Countries. , New Market. The company has 76 employees. Learn more about Effnet AB at www.effnet.com. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. : http://www.bit.se/bitonline/2000/04/17/20000417BIT00720/bit0001.doc http://www.bit.se/bitonline/2000/04/17/20000417BIT00720/bit0002.pdf |
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